Entering unrelated business income and expense for UltraTax/990 clients: Rental activity

Show expandable text

Follow this procedure to enter unrelated business income and expense for a rental activity.

  1. Open the desired client (File > Open).
  2. Click the Rent & Royalty folder in the folders block, and then click the rent tab.
  3. In the Unit field, verify an activity unit number is present.
  4. In the Description field, enter a property description of the rental activity.
  5. In the Type of activity field in the General Information section, enter the code that best describes the rental activity or select the code from the fieldview.
  6. In the Form 990-T Information section, enter the following information.
    1. In the Unrelated business activity code field, enter the code from sections on Screen ActivT that best describes the activity.

      The information will not appear on the 990-T return if an unrelated business activity code is invalid. Diagnostics will alert you if missing information exists on screen ActivT.

    2. In the Form 990-T code field, enter a code if information is to print in one of the schedules on Form 990-T. If a code is not entered, the information is reported on Form 990-T, Page 1, or on Schedule M.
    3. Enter information as necessary for the schedules on Form 990-T. These sections are applicable only if an unrelated business activity code is entered.
  7. Click the Rent-2 tab.
  8. In the Revenue and Expenses section, enter gross rents and rental expenses.

Was this article helpful?

Thank you for the feedback!